The declining value-relevance of accounting information and non-information-based trading: An empirical analysis

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On the Optimal Relation between the Properties of Managerial and Financial Reporting Systems (2008, background): “…prices over time has documented a puzzling decline in such value relevance of accounting data during a period where regulation seems to have become more oriented towards VF accounting (e.g. Collins et al 1997; Lev and Zarowin 1999; Francis and Shipper 1999; Ely and Waymire 1999, Dontoh et al 2004).”
Understanding Earnings Quality: A Review of the Proxies, Their Determinants and Their Consequences (2010, unknown): “…al. (1997), Francis and Schipper (1999), Brown et al. (1999), Francis et al. (2002b), Landsman and Maydew (2002), Core et al. (2003), Ryan and Zarowin (2003), Dontoh et al. (2004), Beaver et al. (2005), Kim and Kross (2005), Collins et al. (2007), Jorion et al. (2007), and Dichev and Tang (2008).”
The accounting treatment of intangibles – A critical review of the literature (2011, background): “In a similar study, Dantoh, Radhakrishnan, and Ronen (2004) also find that the explanatory power (R2) of the regression of market value on financial information has declined over the period 1983–2000 for US companies.”
Is the decline in the value relevance of accounting driven by increased conservatism? (2011, background): “Our second measure of value relevance is the adjusted R2 of a regression of annual stock returns (RET) on scaled earnings and changes in earnings, as in Easton and Harris (1991).”